LSE takes on rivals with new platform

first_img Show Comments ▼ whatsapp Share whatsapp LSE takes on rivals with new platform Thursday 24 February 2011 8:47 pmcenter_img THE LONDON Stock Exchange (LSE) is to launch a new pan-European derivatives trading platform in a bid to crack the dominance of rivals NYSE Euronext and Deutsche Boerse.The European futures market has traditionally been dominated by the New York and Frankfurt-based exchanges, which announced plans to merge earlier this month.Yet the LSE yesterday revealed it would launch a rival trading venue, named Turquoise Derivatives, as early as June this year.Based on technology provided by TMX Group, the Canadian exchange it plans to merge with, the new business will allow institutional investors and hedge funds to trade across Europe.The platform, developed aside from the merger deal, will offer the trading of futures and options contracts on companies.Trading of LSE derivatives would take place on Turquoise Derivatives, formed through the acquisition by Turquoise – the LSE’s existing pan-European equities trading platform, operated with 12 shareholder banks – of a 19.9 per cent stake in the LSE’s existing EDX derivatives platform held by TMX Group, operator of the Toronto and Montreal bourses.EDX London already uses TMX’s Sola trading technology, which will be used on the platform.Europe’s largest clearing house LCH.Clearnet will operate as clearer, despite LSE owning a clearing facility operated by Borsa Italiana – the Italian exchange it bought in 2007.Chief executive of Turquoise David Lester said: “Turquoise Derivatives, combined with the proven operating and clearing model already enjoyed by EDX customers, will be the start of the process that turns the sector on its head.”In a separate development, the Chicago Board Options Exchange (CBOD) became the latest market operator to join a global frenzy of boerse mergers. Chief executive William Brodsky said yesterday CBOD’s focus on equity derivatives had kept it competitive against larger rivals, but said remaining a niche player “may not be the only way that we will succeed.”His comments leave the door open to joining the consolidation wave that has swept the industry. Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little KCS-content last_img

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